Kela believes that as the outlook has improved, the overall cost of borrowing for India Inc as well as for the government should come down. Moody's said the government was midway through a wide-ranging programme of economic and institutional reforms. Recognition for recent economic reforms in India and 5,000-year track record of no default. Interestingly, the last time the global rating has revised the rating was when the BJP government led by Atal Bihari Vajpayee was in power. "With the ratings upgrade, the mood of the markets will swing from fear to greed.

Source: Economic Times November 17, 2017 03:30 UTC